The tax year is almost at n end and the deadline for submitting your 2016-17 tax return is 31 January 2018.
Most people know they have months to get this completed and forget about it for a while. However, below are 5 reasons why you should get that form in early:
1. Avoid Fines
The HMRC will enforce fines from £100 for a late return (even if nothing is owed) and they can top £1,000.
2. Payment Planning
Buy completing your return early you have a full picture of how much you owe on 31 January 2018 and can plan and make sure this money is available. Alternatively, if you are due a tax refund you can get this money back a lot sooner.
3. Quicker Help
If you’re unsure of how to do your own return and want a bookkeeper or accountant to do it for you will be able to get help a lot quicker by preparing in advance.
4. Tax Code update
For employed people completing your tax return quickly will ensure you tax code is amended as early in the year as possible and spread the tax over as long as period as possible.
If you would prefer to update your tax return records on a monthly basis and receive a profit calculation and tax estimate drop us a line for details of our new monthly package.